Emirates Development Bank (EDB), a fully owned subsidiary of the UAE Federal Government and a major financial enabler of the UAE's economic diversification and industrial transformation agenda, and Zoho Corporation, a global tech company with a diverse portfolio of cloud-based business services, have signed a Memorandum of Understanding (MoU) to advertise the growth of Small and Medium-sized Enterprises (SMEs).

The collaboration between EDB and Zoho seeks to provide EDB clients with cost-effective business solutions that would assist them in achieving successful digital transformation and realizing the maximum capabilities of their companies.

This collaboration is consistent with EDB's objective of expanding financial and non-financial support to SMEs in the UAE. As part of the arrangement, EDB's SME clients would have access to a reduced version of Zoho One, an all-inclusive suite of 45+ apps that seamlessly links different company activities (sales, marketing, customer service, finance, HR, and collaboration).

With this collaboration, existing EDB customers would receive $900 in Zoho Wallet credits to buy Zoho One, while new EDB clients can get the solution for $1800, according to the restrictions and limitations.

The MoU is timed to coincide with EDB's revised goal of serving as the UAE economy's financial accelerator. The EDB's purpose is to contribute to the UAE's economic diversification strategy by assisting people, entrepreneurs, SMEs, and big corporations in key industrial areas and supporting new technologies to establish a knowledge-based economy.

The bank is projected to assist SMEs in increasing their contribution to the UAE's non-oil GDP to more than 70% by the end of 2021.

Customers of EDB will have accessibility to Zoho One's multi-app platform, which will allow businesses to go online, manage and automate complicated operations, and increase productivity.

Since all applications are built on the same technology stack and backed by the same data model, they contextually incorporate with each other, enabling company owners to overcome departmental silos and transform their complete business administration process under one unified application that supports smoothly with minimal supervision.

“Emirates Development Bank is set to play a transformational role in promoting the industrialization of the UAE economy and would become a major player to service the funding requirements of several important sectors of the economy,” said Ahmed Mohamed Al Naqbi, Chief Executive Officer of EDB. Technology will be the foundation for achieving this goal. As part of our responsibility to advance the development goals of the fast-changing UAE economy, this partnership will assist elevate EDB's services to our intended client segments.”

“We are delighted to be working with Emirates Development Bank to assist local companies in their digital transformation strategy. SMEs now account for more than 90% of the UAE's business community, rendering them critical to the country's economic development and growth. With the appropriate tools and technology, small SMEs can scale digitally, enter new markets, and offer more to national prosperity. And collaborating with an industry leader like EDB could empower us to significantly assist hundreds of companies in gaining quick access to cost-effective business solutions and unleashing new levels of growth by business automation, integration, and intelligence benefits,” said Ali Shabdar, Regional Director of MEA, Zoho Corp.

New EDB users can receive $1800 in Zoho Wallet credits, which can be used to purchase Zoho One services. Existing EDB customers who purchase Zoho One will receive $900 in Zoho Wallet credits. This offer aims to assist SMEs in overcoming IT budget restrictions and adopting enterprise-grade digital technology that enhances operational efficiency, staff productivity, and consumer experience.

To facilitate efficient technology transfer and assist businesses in efficiently navigating their digital transformation path, Zoho and EDB would jointly organize outreach programs, online training workshops, and educational thought-leadership webinars led by industry professionals.

Zoho does not permit third-party trackers to oversee the use and never sells data to ad-based firms. Zoho is capable of providing the best security experience to its consumers without jeopardizing data protection since it has developed its whole technological stack.

Users have the confidence that their data is safe and secure, and the data is solely owned by the users.

Emirates Development Bank (EDB), based in Abu Dhabi, was formed under Federal Law by His Highness Sheikh Khalifa Bin Zayed Al Nahyan, President of the UAE, by Decree No. 07 of 2011. It became operational in June of 2015. In 2021, the Bank revealed its new strategy, reaffirming its position as a major driver of the UAE's economic revival.